Creditors, Will they lower my interest rate?
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I am is debt settlement with most of my creditors. I have 2 credit cards that I did not put in because they are the same bank that holds my car loan. Will they sometimes lower your interest rate and or payment in order to keep getting their money? What is the best way to get them to do this?
Creditors, Will they lower my interest rate?Yes. They will if you talk to them nicely.
From the bank/lender's perspective, they rather the borrower pay back the money than borrower going bankrupt.
Work out how much you are able to pay before you reach for the phone.
Call and ask to speak with someone who has authority to make payment decisions.
Tell s/he your situation. Say that you are facing bankruptcy or how much you can afford to pay each month. Ask them to consider freezing your interest charges or lower the rates.
Best wishes.
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